Retail
The retail industry has undergone drastic changes over the last couple of decades. With a projected global market size of $20K billion by 2017, the explosive market growth continues but is hindered by slim margins and a harsh market environment.
Such a dynamic and complex environment requires actions at operational, tactical and strategic levels. Actions are the culmination of evaluation of answers posed to questions about the business. From handling simple predictable demands, to varied and unique tastes, retailers now need to sift through and analyze data to be able to understand customers’ requirements more precisely.
WyzMindz helps Retail organisations like yours, deliver breakthroughs by answering vital questions based on facts and data via its services offerings.
Challenges Customers Face
There are many issues and questions retailers are grappling with:
- How do we increase margins at a product-level?
- What is the best way to target individual customers and provide them with tailor-made offerings?
- What marketing tactics to employ and what RoI can we expect on the spends?
- What should be the best price for a product through its lifecycle?
- What promotions and offers do we employ in each store?
- How do we decide on the product-mix for each store?
- How do we ensure zero stockouts during busy seasons?
WyzMindz Solution
With a slew of issues to tackle, you as a retailer need to constantly relook at the way your business is run to ensure survival. This may not only involve re-examining interactions with customers but also focus equally on back- end operations such as store planning, merchandizing, supply-chain infrastructure, and logistics to guarantee success.
Business analytics can help retailers like you, break-down and assimilate information collected and provide better insights into customer tastes and preferences as well as back-end processes.
Our Analytics Services for Retail encompass the following areas where we can help Retailers:
Customer Analytics
– Customer Acquisition
– Customer Satisfaction, Loyalty and Retention
– Web Customer Analytics
– Customer Segmentation
Marketing Analytics
– Market Basket Analysis
– Marketing Mix Modelling
– Brand Score Cards
– Campaign Effectiveness
– Competitive Assessments
Store Analytics
– Store Location Analysis
– Product Pricing and Promotion Analytics
– Shelf Space Optimization
– Stock Out Analysis
– Fill Rate Analysis
Supply Chain Analytics
– Demand Forecasting
– Inventory Planning
– Product Flow Optimization
Benefits:
- WyzMindz Solutions are tightly tied to revenue improvement or cost reduction goals. You can experience the following benefits from WyzMindz Analytics Services for Retail.
Segment markets, competition, customers to understand & deliver maximum profit by category & brand
Exert greater discipline in promotion management to drive informed pricing, optimize sell through, and achieve greater profit
Reduce operational costs from analyses of material use and stocking levels, purchasing and production options, and supplier performance
Improve the accuracy of your forecasts, whether they be of demand, financial performance or of costs.
Optimise your Supply Chain thereby ensuring that you are able to achieve a service cost balance.